- Indonesia and
Thailand present strongest
opportunities for coating suppliers
KUALA LUMPUR, Malaysia,
Jan. 27, 2015 /PRNewswire/ -- The
rapidly increasing vehicle production in Southeast Asian (SEA)
countries is steering the automotive coatings market in
Asia-Pacific. With the automotive
industry in the region likely to continue this upward progression
due to favorable macroeconomic indicators and strong support from
governments, the outlook for automotive coating manufacturers
remains bright. Although the surge of smaller cars is expected to
considerably affect the volume of coating used per vehicle, growing
car production volumes will boost overall coating consumption.
New analysis from Frost & Sullivan, APAC Automotive OEM
Coatings Market, finds that the market earned revenues of
US$379.5 million in 2013 and
estimates this to reach US$567.1
million in 2020. Thailand,
Indonesia and Malaysia will be the largest markets for
coatings in the region.
For complimentary access to more information on this research,
please visit:
http://corpcom.frost.com/forms/APAC_PR_DJeremiah_P828-39_12Dec14.
"Original equipment manufacturers are continuously looking to
reduce the number of steps involved in automotive manufacturing. As
a result, the coatings industry is seeing innovations and R&D
activities to optimize processes, materials and cost," said Frost
& Sullivan Chemicals, Materials and Food Senior Research
Analyst Soundarya Shankar. "Developing ultraviolet and infrared
cured coatings, wet-on-wet-on-wet coatings, primerless coatings,
and quick drying coatings will provide a competitive edge for
manufacturers in the market."
On the flip side, greater efficiency in coating application
lowers the volume of paint used. For instance, state-of-the-art
spray guns with high volume low pressure (HVLP) and low pressure
low volume (LPLV) features are designed for higher transfer
efficiency, thus limiting sale volumes. Recycling of paints and the
reduction in old and leftover paints will further contribute to the
decline in the total volume of paint consumed for automotive
coating.
In addition, the price-sensitive nature of customers in this
region curbs the adoption of high-performance products. SEA
countries, especially, remain major low-cost manufacturing
centers.
"Offering products with a superior price performance index will
remain a key competitive aspect," stated Shankar. "Establishing
partnerships and joint ventures with local companies will also help
global coating manufacturers address consumer requirements and
facilitate their further expansion into the Asia-Pacific market."
APAC Automotive OEM Coatings Market is part of the
Chemicals & Materials (http://www.chemicals.frost.com)
Growth Partnership Service program. Frost & Sullivan's related
studies include: Global Engineering Plastics Market, Global
High-performance (HP) Foams Market, Global Fibers Market for the
Automotive Sector, and Global Automotive Biofuels Market. All
studies included in subscriptions provide detailed market
opportunities and industry trends evaluated following extensive
interviews with market participants.
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APAC Automotive OEM Coatings Market
P828-39
Contact:
Donna Jeremiah
Corporate Communications – Asia
Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com
Carrie Low
Corporate Communications – Asia
Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com
Melissa Tan
Corporate Communications – Asia
Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com
http://www.frost.com